Options Skew Analytics

CCL option chain

Strikes around the forward, as they were quoted at the close

Data as of 22 September 2026 (end of day)

2026-09-25(3 days)ATM 50.08%±1.01skew +0.37
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
184$5.90$8.35—$16.00—————
52$4.95$7.30—$17.00—————
62$4.45$6.80—$17.50—————
25$3.95$5.55—$18.00—————
815$3.60$4.85—$18.50—————
045$2.96$4.80—$19.00—————
84$2.65$4.00—$19.50—————
283108$2.30$2.44—$20.00—————
2965$1.65$2.48—$20.50—————
—————$21.0050.09%$0.03$0.05390396
—————$21.5050.53%$0.09$0.145,0561,111
1,5311,253$0.56$0.67—$22.0048.40%$0.21$0.281,922605
2,0051,993$0.30$0.3650.52%$22.50—$0.48$0.522,686593
4,0834,464$0.15$0.1750.16%$23.00—$0.74$1.07969226
1,4411,411$0.05$0.1051.66%$23.50—————
3,3433,912$0.03$0.0555.62%$24.00—$1.56$2.2349952
1121,018$0.01$0.0461.00%$24.50—————
—————$26.50—$3.70$5.6014
—————$28.00—$4.90$7.7550
—————$28.50—$5.55$8.2530
—————$29.00—$5.95$8.7503

Forward $22.33. The 25-delta put carries +0.37 volatility points over the 25-delta call.

2026-10-02(10 days)ATM 62.25%±2.30skew +1.62
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$5.55$8.35—$16.00—————
04$5.05$7.40—$17.00—————
03$3.95$6.35—$18.00—————
010$3.55$5.90—$18.50—————
7027$3.10$4.65—$19.00—————
371$2.68$3.80—$19.50—————
086$2.17$3.35—$20.0063.00%$0.15$0.1827837
442$1.82$2.47—$20.5063.56%$0.23$0.30113137
364335$1.57$1.97—$21.0063.13%$0.35$0.4341893
10103$1.32$1.54—$21.5062.86%$0.51$0.6092684
3761,299$1.03$1.15—$22.0062.49%$0.71$0.814,994844
2781,357$0.78$0.8962.25%$22.50—$0.95$1.07496231
2,685949$0.60$0.6963.19%$23.00—$1.16$1.4587944
871,117$0.41$0.5061.31%$23.50—$1.29$1.972223
9032,172$0.29$0.3761.50%$24.00—————
1261,267$0.21$0.2762.20%$24.50—$2.04$2.762530
2731,843$0.13$0.1860.79%$25.00—$2.56$3.3070734
941,512$0.06$0.1264.75%$26.00—————
731,468$0.04$0.0667.54%$27.00—$3.85$5.00340
—————$28.50—$5.35$8.2510
—————$29.00—$5.75$8.2010

Forward $22.32. The 25-delta put carries +1.62 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 54.56%±2.63skew +0.92
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$7.90$8.75—$14.00—————
01$6.45$7.85—$15.00—————
01$5.50$7.05—$16.00—————
011$5.05$6.30—$17.00—————
041$3.90$5.80—$18.00—————
010$3.15$4.65—$19.00—————
079$2.23$3.60—$20.0056.04%$0.20$0.29980
300$1.93$3.10—$20.5055.21%$0.31$0.3802
930$1.59$2.16—$21.0054.77%$0.44$0.5232911
—————$21.5054.66%$0.61$0.7008
6111$1.14$1.29—$22.0054.69%$0.82$0.922526
449887$0.96$1.0154.56%$22.50—$1.07$1.17212
67433$0.71$0.8655.05%$23.00—$1.24$1.571817
106$0.54$0.6353.64%$23.50—————
244490$0.45$0.4955.20%$24.00—$1.67$2.361979
01$0.30$0.3753.85%$24.50—————
2922,644$0.22$0.2854.09%$25.00—$2.40$3.25811
225$0.15$0.2555.72%$25.50—————
180249$0.11$0.1855.67%$26.00—$2.97$4.95341
—————$28.00—$4.45$6.90120
—————$30.00—$6.60$9.7526

Forward $22.36. The 25-delta put carries +0.92 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 50.53%±2.90skew +1.54
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
035$6.80$8.55—$15.00—————
047$5.05$6.60—$17.0057.67%$0.01$0.063695
0159$4.10$5.65—$18.0050.69%$0.02$0.083,7111
0175$3.20$4.15—$19.0054.06%$0.13$0.204792
46930$2.39$2.95—$20.0051.93%$0.29$0.334,030123
—————$20.5051.78%$0.40$0.4605
0400$1.69$2.40—$21.0051.12%$0.54$0.601,965340
—————$21.5051.15%$0.71$0.8012
4843,244$1.31$1.40—$22.0050.77%$0.93$1.005,822488
186345$1.03$1.1850.65%$22.50—$1.18$1.2530173
3,3028,119$0.85$0.8749.20%$23.00—$1.47$1.603,317166
305$0.65$0.7650.31%$23.50—$1.71$2.0110
82010,504$0.50$0.5949.83%$24.00—$1.98$2.386,19641
2863$0.40$0.4650.23%$24.50—————
9988,080$0.30$0.3650.22%$25.00—$2.81$3.152,97155
2267$0.23$0.2950.87%$25.50—$3.20$3.65114
2642,799$0.17$0.2652.32%$26.00—$3.70$4.101,76128
1124$0.11$0.1649.78%$26.50—$4.00$4.6004
782,402$0.08$0.1350.50%$27.00—$4.45$5.004,24125
—————$28.00—$4.85$6.002,1451
—————$29.00—$5.75$6.958230

Forward $22.39. The 25-delta put carries +1.54 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 48.53%±3.16skew -1.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$8.75$10.75—$13.00—————
—————$19.0049.86%$0.17$0.22203
027$2.39$3.45—$20.0048.65%$0.32$0.418119
04$1.73$2.56—$21.0047.44%$0.58$0.687661
215189$1.26$1.55—$22.0047.15%$0.96$1.11185112
46180$0.92$1.0949.28%$23.00—$1.47$1.70217221
96245$0.58$0.7248.60%$24.00—$1.79$2.56475
105145$0.35$0.4848.76%$25.00—$2.42$3.35280
12076$0.21$0.3349.74%$26.00—————
—————$28.00—$4.45$6.85140
—————$30.00—$6.15$9.1002

Forward $22.37. The 25-delta put carries -1.32 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 46.85%±4.22skew +1.95
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$9.25$11.10—$12.50—————
238$7.20$8.65—$15.00—————
011$6.20$7.65—$16.00—————
45128$4.80$5.70—$17.5050.42%$0.18$0.25777459
1159$3.50$4.45—$19.0049.03%$0.43$0.4851560
4091,965$2.86$3.25—$20.0048.45%$0.67$0.7586235
370288$2.30$2.64—$21.0047.74%$1.01$1.084,72671
9231,543$1.58$1.6847.02%$22.50—$1.68$1.783,66233
1052,989$0.98$1.0846.30%$24.00—$2.60$2.694,30555
5731,290$0.70$0.8046.35%$25.00—$3.00$3.6016,77570
631,832$0.50$0.5846.50%$26.00—$3.85$4.501,95837
1352,020$0.35$0.4146.50%$27.00—$4.10$5.2517,3130
73,632$0.22$0.3046.32%$28.00—$5.55$6.2032439
44985$0.14$0.2346.80%$29.00—$6.20$7.154210
—————$30.00—$6.70$8.104250
—————$31.00—$7.65$9.00490
131,388$0.06$0.0949.29%$32.00—$8.60$10.05260

Forward $22.40. The 25-delta put carries +1.95 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 46.90%±5.14skew +2.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0317$12.05$13.60—$10.00—————
0464$8.70$10.60—$13.00—————
321,379$7.15$8.15—$15.00—————
400$6.25$7.65—$16.00—————
0856$5.35$6.75—$17.00—————
040$4.60$5.90—$18.0048.70%$0.34$0.561496
045$3.80$5.05—$19.0049.11%$0.67$0.7428236
1154,075$3.25$3.60—$20.0048.48%$0.96$1.0412,65423
2454$2.46$3.15—$21.0048.05%$1.33$1.4288323
3291,333$2.19$2.35—$22.0047.83%$1.79$1.8819,95427
1808,450$1.73$1.8446.90%$23.00—$2.32$2.416,282518
1,2802,916$1.35$1.4746.85%$24.00—$2.94$3.102,1866
5263,344$1.04$1.1346.39%$25.00—$3.55$3.8027,21522
65662$0.80$0.8846.44%$26.00—$3.90$4.652,8189
893,497$0.61$0.6746.34%$27.00—$4.65$5.4017,079157
93949$0.46$0.5246.50%$28.00—$5.55$6.403950
60730$0.28$0.4345.94%$29.00—$6.55$7.252,7220
1,1209,815$0.26$0.3447.56%$30.00—$7.15$8.203,2220
1167,101$0.19$0.2647.54%$31.00—$8.10$9.052876
—————$32.00—$9.15$10.153,1990
—————$33.00—$9.65$11.00260

Forward $22.44. The 25-delta put carries +2.14 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 46.60%±5.89skew +2.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1380$11.90$13.60—$10.00—————
0222$9.20$10.65—$13.0054.61%$0.05$0.104,46840
42457$7.25$8.60—$15.00—————
0757$5.55$6.90—$17.0049.08%$0.34$0.5112,4271
234$4.75$5.50—$18.0048.88%$0.60$0.67583120
3543$4.05$5.10—$19.0048.39%$0.86$0.931,83930
632,200$3.35$4.05—$20.0047.96%$1.18$1.2620,930670
061$2.85$3.20—$21.0047.41%$1.56$1.653,07322
1231,005$2.50$2.65—$22.0047.24%$2.03$2.1211,13649
1871,732$2.03$2.1746.58%$23.00—$2.55$2.742,5757
187,825$1.65$1.8046.66%$24.00—$3.15$3.301,24162
5504,897$1.35$1.4346.36%$25.00—$3.80$4.0023,9732
18323$1.06$1.1545.97%$26.00—$4.10$4.805530
524,706$0.85$0.9145.86%$27.00—$4.90$5.557,1730
262,402$0.67$0.7445.99%$28.00—$5.75$6.451,5140
55355$0.50$0.6045.75%$29.00—$6.50$7.4055910
35425,610$0.41$0.4946.31%$30.00—$7.40$8.3010,5168
15634$0.30$0.4046.16%$31.00—$7.90$9.251180
458,677$0.20$0.3345.77%$32.00—$8.80$10.104,0580
—————$35.00—$11.75$12.953,9760
—————$37.00—$13.40$15.052195

Forward $22.51. The 25-delta put carries +2.39 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.